Samsung SDS, ABN AMRO to Link Blockchains in Europe’s Largest Shipping Port

Traditionally, an international trade finance transaction involving shipments sees payments, administration and the physical transportation of containers occur in separate flows with a paper-intensive manual process. “We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitisation of paper documentation such as waybills and the financing of handled freight or services,” ABN AMRO’s commercial banking chief Daphne de Kluis explained.

The banking executive envisions “millions of euros” of savings in the long-term due to enhanced efficiency and transparency from blockchain-powered logistics chains.

The blockchain pilot will be entirely paperless and will electronically confirm receipt and payment of the trade alongside real-time sharing of documents that are viewable by the shipper, receiver and port operator.

The three parties, including the port of Rotterdam, will conduct the pilot in January.